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Sunday, November 13, 2011

"Animal McMansion": Another use for vacant homes

by Calculated Risk on 11/13/2011 07:09:00 PM

This morning I linked to an LA Times article about marijuana grow houses in Las Vegas ... here is another use for vacant homes:

From Patricia Leigh Brown at the NY Times: Animal McMansion: Students Trade Dorm for Suburban Luxury

While students at other colleges cram into shoebox-size dorm rooms, Ms. Alarab, a management major, and Ms. Foster, who is studying applied math, come home from midterms to chill out under the stars in a curvaceous swimming pool and an adjoining Jacuzzi behind the rapidly depreciating McMansion that they have rented for a song.

Here in Merced, a city in the heart of the San Joaquin Valley and one of the country’s hardest hit by home foreclosures, the downturn in the real estate market has presented an unusual housing opportunity for thousands of college students. Facing a shortage of dorm space, they are moving into hundreds of luxurious homes in overbuilt planned communities.
Sounds like fun - and definitely better than the dumps I lived in going to college. Unfortunately these might be the nicest homes they live in for a number of years ...

Schedule for Week of Nov 13th
Summary for Week Ending Nov 11th
Downside Risks for the U.S. economy.